Does perception of social issues affect portfolio choices? Evidence from the #MeToo movement
研究发现#MeToo运动改变了共同基金经理对性别平等的认知，促使主动管理型基金在运动后更倾向于投资女性高管比例高的公司，部分原因是迎合投资者偏好。
Abstract Did the #MeToo movement, inspired by a Twitter post in late 2017 following the Weinstein scandal, influence the asset allocation decision process of mutual fund managers intending to show support for women empowerment? We find evidence to support the influence of such attention. We utilize the breakout of the #MeToo movement as an exogenous shock to the perception of gender equity issues. Using a difference‐in‐differences framework, we show that, compared to passively managed mutual funds, actively managed mutual funds tilt their portfolios toward firms with greater female representation in the C‐suite, but only after the breakout. Our results are not explained by performance seeking, but are in part attributable to catering incentives. Moreover, the results become less significant when the marginal impact of changing perception is small. Using Google search volume to capture public sentiment closely tied to the perception of gender equality yields consistent results based on a larger sample. Our study sheds light on the recent rise of “gender lens investing” in the mutual fund industry.